The City Council on Monday is expected to decide whether the city should authorize lending programs that offer financing for homeowners and businesses that want to go green.
Three lenders are asking the city to join their property-assessed clean energy programs, commonly known as PACE programs. If the city becomes a member, residents will be able to get a long-term, typically 15- to 20-year loan for energy- or water-efficient improvements, such as installing rooftop solar panels.
What makes the PACE program unique is that loans are attached to the property rather than an individual. The City Council needs to approve the program for residents to get the loans because payments will be collected through their property tax bill. Read more.